It can be tempting to avoid another monthly bill; however, Michelle Bungo explains three reasons why you should keep your health coverage.
In 2019, individuals no longer feared a tax penalty for not having adequate health insurance in the United States. The end of that Obamacare mandate seemed like good news for some, but in reality, every person should still have health insurance. Even those who are young and healthy greatly benefit from coverage in the event of a catastrophe or illness. Health insurance agent, Michelle Bungo, explains three major reasons why people should have health insurance.
Financial Risk
In the United States, medical care is costly without insurance. Even care for small injuries can come with a hefty price tag. A broken bone alone can cost around $8,000. More significant injuries that require a hospital stay can run your bill upwards of tens of thousands of dollars.
Michelle Bungo notes that something serious such as cancer or an organ transplant can cause you to go bankrupt. Additionally, two-thirds of bankruptcies are related to medical bills and taking time off work. Although some out of pocket maximums may seem high on insurance plans, it’s nowhere near the amount that you may face without coverage.
Delayed Care
To avoid paying high costs, people without insurance tend to visit the doctor less often. Children are also delayed urgent care due to fears of treatment costs. Additionally, Michelle Bungo explains that non-insured people are more likely to receive a late diagnosis of potentially life-threatening illnesses. When a disease is not caught in the early stages, it can be more expensive to treat and more difficult to cure.
Early detection is proven to save lives and provide less invasive treatment options. Michelle Bungo notes that health insurance policies are now required to include preventative care. When you’re covered, you’re more likely to stay healthy.
Enrollment Periods
Although you won’t be denied for pre-existing conditions, Michelle Bungo explains that it is not wise to wait until you’re sick to sign up for a policy. People are only allowed to register during open enrollment periods each year. Open enrollment typically happens for a few short months in the winter. The only exception to enrolling outside of that period is if you have had a qualifying life event. Because life is unpredictable, it’s wise to have continuous coverage. Visit your local health insurance agent to find a plan that best suits you and your family’s needs.
